What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock and crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A fintech business launched in Autumn of 2014 exclusively as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has improved significantly over the past 8 years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers to trade single stocks and also ETFs without having to pay any commissions. The exception is when you’re trading stocks which are denominated in US Dollars. In that case, they will charge a nominal currency conversion fee when buying and selling. But, behind us are the times of having to pay Upwards of $7 per each trade with online discount brokerages as was expected just a few years ago.
Exactly How Much Cash Will I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable initial deposit amounts of $1000-$5000. This makes it tough for the normal investor to start. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers registered and non-CRA-registered account types. One are free to select between both RRSP and TFSA account types in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is available on IOS and Google Play. The mobile app makes the enrollment process and also the trading of stocks and ETFs easy.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion CAD in Assets Under Management . They have been expanding for more than 7 years and also right now employs more than 600 people. The controlling owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.
How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to fund your new account. Simply connect the app to a chequing or savings account with your Trade account, and add money to your account in just a couple of clicks. Deposits from banks to Wealthsimple normally take just a few days. Funds can also be moved to your chequing or savings accounts through the same steps.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac E-transfers that allow you to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and submit your taxes online free. It’s pitched to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that lets one to get 1% cashback on your everyday spending, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of different courses on different topics such as saving, investments, crypto, home buying and more.
Every one of the listed products, along with Wealthsimple Trade can be accessed in the app or at their website with one login.
So How Should I Begin Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you will receive the equivalent cash value of a random Canadian stock valued at up to $4,500 Canadian once you add funds to your account.
What if I Still Have Additional Questions Concerning Add Funds To Wealthsimple?
If this blog post hasn’t given you the answers to each of your questions, and you’re looking for more information about Add Funds To Wealthsimple, go to the Wealthsimple site to find answers to each your questions.